Document Detail

Title: Constitution of Task force to study and make recommendations on issues faced by Non- Life Insurers and Reinsurers
Reference No.: IRDAI/REIN/ORD/RIN/142/7/2022
Date: 07/07/2022
Constitution of Task force to study and make recommendations on issues faced by Non- Life Insurers and Reinsurers

Ref. No: IRDAI/REIN/ORD/RIN/142/7/2022                                           7th July, 2022

 

Order

 

Sub: Constitution of Task force to study and make recommendations on issues faced by Non- Life Insurers and Reinsurers

 

1.    Insurance Regulatory and Development Authority of India (IRDAI) has been taking steps to increase insurance penetration in India and has launched various initiatives with the broad objective of “Insurance for All”. The “Bima Manthan”, one of such initiatives, is a platform for continuous engagement of IRDAI and Insurance Industry Heads. IRDAI held the second bi-monthly meeting with the CEOs/MDs of Non- Life Insurers and Reinsurers on 1st July, 2022 at Hyderabad. Discussions were held on the issues/concerns related to reinsurance support to further increase in insurance penetration in India.

 

2.    To examine the matter in detail and to sort out the issues between Non- Life Insurers and Reinsurers, it is decided to constitute a Task Force with the following participants:

S. No.

Name

Designation

Organization

Chairman/ Member

1.       

Mr. Bhargav Dasgupta

MD & CEO

ICICI Lombard General

Chairman

2.       

Mr. Paritosh Tripathi

MD & CEO

SBI General

Member

3.     

Ms. Madhulika Bhaskar

GM(I/C)

New India Assurance

Member

4.     

Dr. S. Prakash

MD

Star Health

Member

5.       

Mr. Parag Gupta

CEO

SCOR RE India

Member

6.       

Ms. Girija Subramanian

GM

GIC Re

Member

7.     

Mr. Ankur Gupta

Head (Client Mgt)

Munich Re India

Member

8.     

Mr A Ramana Rao

CGM

Reinsurance Deptt., IRDAI

Member

9.       

Mr. Gautam Kumar

DGM

Reinsurance Deptt., IRDAI

Convener

 

3.    The Terms of Reference for the Task Force are as follows: -

a)    Study the following issues raised during Bima Manthan on 1st July, 2022: -

                       i.        Obligatory Cession (commissions do not reflect Industry cost structure and profit Commission methodology) 

                      ii.        The applicability of compliance requirement w.r.t. claims, social & rural sector obligations, TAT etc. on reinsurers

                     iii.        Suggestions on the Order of Preference

                    iv.        Concerns w.r.t. delay in quotes by reinsurers

                      v.        Cession cap on CBRs

                    vi.        FRN issuance process

                   vii.        Domestic treaty participation for Insurers 

                  viii.        Matters related to event limit in proportional treaties

                    ix.        Reinsurance support on social insurance schemes (covid, PMSBY, pools etc.)

                      x.        Introduction of emerging risk transfer solutions (ART, ILS, CAT bonds etc.)

                    xi.        Faster settlement and payment digital mechanism (exchange) among the reinsurers and CBRs.

b)    Recommend possible solutions on the issues listed at point 3 a) above.

c)    Examine any other matter relevant to the subject.

 

The Task Force may invite any specialist/s for discussion relevant on the matter.

The Task Force shall submit its report within three weeks of the date of this Order.

 

Parmod Kumar Arora

Member (Actuary)

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